 "Former Reserve Bank of India governor D Subbarao")
Raiding the reserves of the central bank only illustrates the "desperation" of a government, and we should be very wary and careful while determining the value of the excess reserves, warned former governor D Subbarao on Friday.
The career bureaucrat-turned-central banker said he would be "ok" if a sovereign bond issue in foreign currency is done once just to test the waters, but cautioned against using the instrument regularly.
"A government trying to raid the balance sheet of a central bank anywhere in the world is not a good thing. It shows that the government is desperate, he said, speaking
